Series X-A Investment Adviser exam: dhaancha aur padhai ka rasta.

Poori series ke sawaal kholo

KAISE PADHEIN

Ek unit padho, phir usi ke sawaal

Syllabus ek kram mein chalta hai. Pehle client ki planning, aur paise ki samay ke saath keemat. Phir bazaar aur uske products, jaise shares, bonds, mutual funds aur derivatives. Uske baad portfolio banana aur uska result naapna. Aakhir mein advice ke niyam, ethics aur shikayat ka rasta.

Isi kram mein ek ek unit padho. Ek unit padhne ke baad usi ke sawaal karo. Mila-jula set ek kul score deta hai, par kamzor unit ko chhupa deta hai. Har galat jawab ke baad ek line likho: galti concept mein thi, ya ginti mein.

Unit 1: personal financial planning ki shuruaat
Paper yahin se shuru hota hai. Client ka lakshya aur uski net worth samjhe bina investment ki baat adhoori hai.

Unit 1: personal financial planning ki shuruaat.

Financial planning ek saaf lakshya se shuru hoti hai. Lakshya mein 3 baatein chahiye: kis kaam ke liye, kitna paisa, aur kab tak. Phir client ki net worth nikalti hai, yaani karz ghata kar bachi rakam. Aakhir mein dekha jaata hai ki plan ke liye paisa poora padta hai ya nahi.

• Saaf lakshya mein maqsad, rakam aur tareekh, yeh 3 hote hain.
• Net worth matlab kul assets minus kul liabilities, yaani jo hai minus jo chukana hai.
• Loan par liya ghar asset bhi hai, aur uska loan liability bhi.
• Paisa kam pade, toh client se lakshya aur bachat par khul kar baat hoti hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Lakshya, net worth aur paise ki kami

'Paisa jaldi badhe aur main jaldi retire ho jaaun' ek ichha hai, lakshya nahi. '5 saal baad ghar ki down payment ke liye 12 lakh rupaye' ek lakshya hai. Isse hisaab shuru ho sakta hai. Par isse yeh sabit nahi hota ki lakshya pura hoga. Kabhi plan ke liye zaroori bachat, client ki asli bachat se zyada hoti hai. Tab agla kadam client se baat hai. Kaunsa lakshya pehle hai? Kya rakam, tareekh ya bachat badal sakti hai?

Net worth mein assets ki aaj ki keemat jodte hain. Phir bache hue loans ghatate hain. Gaadi kuch cash aur kuch loan se aaye, aur uski keemat utni hi ho. Tab net worth wahi rehti hai. Ek taraf asset badhta hai, doosri taraf karz bhi. Fees ya keemat ka turant girna ho, tab jawab badalta hai.

DHYAN

Net worth aur plan mein 3 chook

Pehli: net worth mein galat ginti. Loan ko ghar ki keemat se ghata kar, kul assets se dobara ghatana galat hai. Kuch kharidne par sirf cash ya sirf karz dekhna bhi galat hai. Assets aur liabilities, dono taraf saath dekho.

Doosri: mehngai 2 baar lagana. Kabhi lakshya pehle se us din ki chukane wali rakam mein likha hota hai. Us par phir se mehngai nahi lagti.

Teesri: kami ko chhupana. Return ka andaaza badha kar plan ko poora dikhana galat hai. Kist ka bojh dekhe bina loan ki baat karna bhi galat hai.

Unit do: paise ki samay ke saath keemat
Lakshya aage hota hai, paisa aaj. In dono ko jodne ka hisaab agle unit mein hai.

Unit do: paise ki samay ke saath keemat.

Aaj ka rupaya aur kuch saal baad ka rupaya barabar nahi hote. Aaj ke paise ki aage ki keemat, yaani future value, compounding se nikalti hai. Aage milne wale paise ki aaj ki keemat, yaani present value, discounting se nikalti hai. Saath mein CAGR aata hai, yaani kai saal ki growth ka ek saalana rate.

• Compounding matlab byaaj par byaaj: har saal ka return badhe hue balance par lagta hai.
• Discount ka rate badhe, toh aage ki tay rakam ki present value ghatti hai.
• Saal ke shuru ka jama paisa, ant wale se ek saal zyada badhta hai.
• Kharche ki mehngai aur nivesh ka return, 2 alag hisaab hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Aage ki keemat aur aaj ki keemat

Future value mein har saal ka growth ek ek karke lagta hai. Present value ulta raasta hai. Aage ki rakam ko utne hi growth se bhaag dete hain. Jis rate se yeh bhaag hota hai, use discount rate kehte hain. Jaanch aasaan hai. Present value ko aage compound karo, toh wahi rakam waapas aani chahiye.

CAGR nikalne ke liye root lagta hai, seedha bhaag nahi. Mahine ka byaaj har mahine judta rahe, toh saal ka asli rate badh jaata hai. Woh mahine ke rate ke 12 guna se zyada hota hai. Barabar kiston ke hisaab mein tareekh sabse zaroori hai. Saal ke ant wali aakhri kist ko badhne ka samay hi nahi milta. Perpetuity yaani hamesha milne wali barabar rakam. Pehli rakam ek saal baad mile, toh uski present value rakam bhaag rate hoti hai.

DHYAN

Simple byaaj, galat tareekh aur 2 rate

Pehli: compounding ko simple byaaj bana dena. Har saal ka return sirf shuru ki rakam par lagana galat hai. Kai saal ka kul gain saalon se bhaag dekar CAGR kehna bhi galat hai.

Doosri: tareekh na dekhna. Saal ke shuru aur ant mein jama paisa alag samay tak badhta hai. Pehle har payment ki tareekh likho, phir formula chuno. Zaroori kist bhi lakshya ko kiston ki ginti se bhaag dekar nahi nikalti.

Teesri: 2 rate mila dena. Lakshya ki keemat mehngai se badhti hai, aur fund apne return se. Dono ko ek hi tareekh par rupees mein milao. Sirf 2 rate ka farak dekh kar lakshya ko poora maan lena galat hai.

Unit 3: client ki financial sthiti ko parakhna
Ab client ki apni tasveer banti hai. Net worth, mahine ka budget aur emergency fund, yeh 3 agle unit mein hain.

Unit 3: client ki financial sthiti ko parakhna.

Yeh unit client ki 3 tasveerein banata hai. Net worth batati hai ki karz ghatane ke baad uske paas kitna hai. Mahine ka budget batata hai ki naye nivesh se pehle kitni bachat bachti hai. Emergency fund batata hai ki zaroori kharchon ke kitne mahine ka paisa alag rakha hai.

• Saal ke bill ka mahine ka hissa bhi budget se ghatta hai.
• Emergency fund mein lakshya, pehle se rakha paisa aur kami, 3 alag rakam hain.
• Kisi lakshya ke liye paisa alag rakhne se koi naya asset nahi banta.
• Net worth mein gina asset, emergency fund mein bhi gine, yeh zaroori nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Budget aur emergency fund

Budget mein saare kharche ek hi samay ki ikai mein laaye jaate hain. Saal ke insurance premium ka barahvan hissa har mahine alag kiya jaata hai. Phir tax ke baad ki aamdani se kharche, kist aur yeh hissa ghatate hain. Jo bachta hai, woh naye nivesh se pehle ki bachat hai.

Emergency fund ka lakshya, mahine ka zaroori kharcha guna tay mahine hota hai. Isme wahi paisa ginta hai jo sawaal bataye, jaise savings aur fixed deposit. Ghar ki poori aaj ki keemat assets mein aati hai, chahe client usme khud rehta ho. Uska loan alag se ghatta hai. Koi asset net worth mein gine, phir bhi emergency fund se bahar reh sakta hai.

DHYAN

Saal ka bill aur 2 baar ki ginti

Pehli: saal ka bill bhool jaana. Jis mahine premium nahi bharna, us mahine bacha saara paisa nivesh laayak nahi hai. Bill ka mahine ka hissa pehle alag hota hai.

Doosri: example ko niyam samajhna. 6 mahine ka emergency fund ek sawaal ka chunaav tha. Woh koi zaroori ya regulatory seema nahi. Zaroori kharcha aur gine jaane wala paisa wahi maano jo sawaal bataye.

Teesri: galat ginti. Lakshya ke liye alag rakha paisa pehle se assets mein hai, use dobara mat jodo. Aur jis ghar mein client rehta hai, use net worth se bahar mat rakho.

Unit 4: karz aur loan ka hisaab
Loan har jagah aata hai. Agla unit dikhata hai ki kist mein byaaj aur principal kaise bante hain.

Unit 4: karz aur loan ka hisaab.

Loan ki har kist 2 hisson mein bantti hai. Pehla hissa us mahine ka byaaj hai, aur baaki hissa principal ghatata hai. Principal matlab loan ki bachi hui asli rakam. Prepayment, yaani loan ka kuch hissa pehle chukana, iska asar bhi yahin aata hai.

• Mahine ka byaaj us mahine ke shuru ke bache principal par lagta hai.
• Kist mein se byaaj ghatane ke baad jo bachta hai, wahi principal kam karta hai.
• Prepayment se us mahine ka byaaj kam hota hai, kyunki principal ghat gaya.
• Ek mahine ki bachat aur poore loan ki bachat, 2 alag sawaal hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Kist ke andar kya hota hai

Repayment schedule har mahine 3 cheezein dikhata hai. Byaaj, principal mein kami, aur ant ka balance. Byaaj shuru ke balance par lagta hai. Kist se byaaj ghatao, toh principal mein kami milti hai. Shuru ke balance se woh kami ghatao, toh naya balance milta hai.

Prepayment principal ko pehle hi kam kar deta hai. Isliye us mahine ka byaaj bhi kam lagta hai. Ek mahine ki bachat bas chukaye gaye principal ka us mahine ka byaaj hai.

DHYAN

Byaaj pehle, principal baad mein

Pehli: poori kist ko principal se ghata dena. Pehle us mahine ka byaaj nikalta hai. Sirf bacha hissa principal kam karta hai.

Doosri: poochhi gayi rakam badal dena. Principal mein kami aur mahine ke ant ka naya balance, 2 alag rakam hain. Sawaal dhyan se padho ki kaunsi chahiye.

Teesri: prepayment ki bachat ko badha kar dekhna. Chukaya gaya poora principal bachat nahi hai. Poore loan par kitna byaaj bachega, yeh baaki schedule ke bina nahi kaha ja sakta.

Unit 5: Indian financial markets ke kirdaar
Client ki apni tasveer poori hui. Ab woh bazaar aata hai jahan nivesh hota hai, aur uski sansthaayein.

Unit 5: Indian financial markets ke kirdaar.

Is unit mein bazaar ki sansthaayein aur unke kaam aate hain. Demat account, jisme shares electronic roop mein rehte hain, depository participant ke zariye khulta hai. Saude ke baad paisa aur shares ka len-den clearing corporation poora karwata hai. Ek sanstha ke kai kaam ho sakte hain, isliye kaam pehchanna zaroori hai.

• Depository participant (DP) woh sanstha hai jiske zariye investor demat account kholta hai.
• Order trading account se, paisa bank se, aur shares demat account mein.
• Clearing corporation exchange par hue saudon ka clearing aur settlement sambhalta hai.
• Credit rating ek raay hai ki issuer karz chuka paayega ya nahi. Yeh salah ya guarantee nahi hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Kaun kya kaam karta hai

Investor demat account ke liye depository participant ke paas jaata hai. Ek bank ya broker bhi alag se DP ka kaam kar sakta hai. Isliye sawaal mein sanstha ka naam nahi, uska kaam dekho. Trading account broker ko order bhejne ke liye hai, bank account paise ke liye.

Order execution se sauda banta hai. Us saude se paisa aur securities dene ki zimmedari banti hai. Clearing aur settlement yahi zimmedari poori karte hain, aur yeh clearing corporation ka kaam hai. Credit rating ek agency ki raay hai, jo sirf credit risk ko parakhti hai.

DHYAN

Naam alag, kaam alag

Pehli: naam ko kaam samajh lena. Ek hi group bank, broker aur DP, yeh 3 ho sakta hai. Sawaal mein dekho ki kaunsa kaam poochha gaya hai.

Doosri galti: trading, bank aur demat ko 1 maan lena. Yeh 1 screen par dikh sakte hain. Phir bhi har ek ka kaam alag hai.

Teesri: rating ko guarantee samajhna. Achhi rating kam credit risk ki raay hai, default na hone ka vaada nahi. Daam girne ka risk, aur aasani se na bikne ka risk, phir bhi rehta hai.

Unit 6: primary aur secondary market
Sansthaayein samajh aa gayin. Ab bazaar ke 2 hisse aate hain: naye securities ka, aur purane securities ka.

Unit 6: primary aur secondary market.

Primary market mein company naye shares jaari karti hai, aur paisa company ko milta hai. Secondary market mein purane shares investors ke beech haath badalte hain. Is unit mein public issue, rights, bonus, split aur buyback ka hisaab aata hai. Saath mein margin aur market capitalisation jaise bazaar ke hisaab bhi aate hain.

• Fresh issue ka paisa company ko jaata hai, offer for sale ka bechne walon ko.
• Rights issue mein company ko naya cash milta hai, bonus issue mein nahi.
• Har percentage ka base padho: face value, market price aur principal alag hain.
• Margin ek suraksha jama hai, paisa ya shares na dene ke khatre ke liye. Yeh poora daam ya sabse bada nuksaan nahi hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Issue ka hisaab, phir listing ke baad

Pehli baar ka public issue IPO hai, aur listed company ka naya public issue FPO. Rights issue sirf maujooda shareholders ke liye hai. Woh naye shares ka paisa dete hain. Bonus shares reserves se bante hain, isliye company mein naya cash nahi aata. Book building mein final daam price band ke andar aayi boliyon se tay hota hai. ASBA mein arzi ka paisa bank mein block hota hai. Katta sirf allotment jitna hai, baaki unblock hota hai.

Market capitalisation, kul shares ko bazaar ke daam se guna karke banti hai. Index ka return har share ke weight se gina jaata hai, seedhe average se nahi. Split mein face value ghatti hai aur shares ki ginti badhti hai. Bonus aur split se ginti badhti hai, daulat apne aap nahi. Buyback mein company kuch shares waapas lekar cancel karti hai. Jo investor nahi bechta, uska hissa bada ho jaata hai. Poora rights issue bik jaaye aur investor apne saare rights le, tab company mein uska hissa wahi rehta hai.

DHYAN

Paisa kise mila, aur base kya hai

Pehli: yeh na dekhna ki paisa kise mila. Exchange par shares bikne se company ko paisa nahi milta, bechne wale ko milta hai. Offer for sale ka paisa bechne wale shareholders ka hai. Bonus shares se bhi koi naya cash nahi aata.

Doosri: galat base lagana. Dividend face value ka percentage ho, toh use market price se guna mat karo. Market capitalisation mein face value nahi, market price lagta hai. Rights ka paisa naye shares par lagta hai, puri holding par nahi.

Teesri: hisaab ko vaada samajhna. Theoretical ex-rights price, yaani rights ke baad ka hisaabi daam, bazaar ki bhavishyavani nahi hai. Offer document par SEBI ki observations ka matlab yeh nahi ki issue achha nivesh hai. Business, shartein aur risk investor ko khud parakhne hote hain.

Unit 7: investment ki pehchaan
Bazaar ka dhaancha samajh aa gaya. Ab dekhte hain ki har investment kya haq deta hai, aur usme kaunsa risk hai.

Unit 7: investment ki pehchaan.

Har investment pehle yeh batata hai ki aapka haq kis cheez par hai. Share aapko company ka hissedaar banata hai, aur bond udhaar dene wala. Mutual fund, gold, zameen aur index se jude products bhi yahin aate hain. Product ka naam kam, uske andar ka asset aur risk zyada maayne rakhta hai.

• Equity share matlab company mein hissedaari, plain bond matlab company ko udhaar.
• Mutual fund mein securities fund managers chunte hain, par fund chunna investor ka kaam hai.
• Gold ETF sone ke daam se juda fund hai, mining company ka share ek business.
• Keemat zyada hona aur samay par cash milna, 2 alag baatein hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Haq, rasta aur andar ka asset

Ordinary share rakhne wala company ka hissedaar hai. Non-convertible bond rakhne wala udhaar dene wala hai, kyunki yeh bond shares mein nahi badalta. Udhaar ka daava bhi har payment ki guarantee nahi hai. Mutual fund mein securities chunne ka kaam professional managers ko diya jaata hai. Par fund ka maqsad, kharcha aur risk dekhna phir bhi investor ka kaam hai.

Gold mining company ke nateeje kharche, production aur company ke faislon se bhi badalte hain. Isliye gold ETF aur mining share se ek jaisa return maan lena galat hai. Zameen ki keemat zyada ho sakti hai, par bikne mein lamba samay lag sakta hai. Kuch products mein maturity ki rakam sharton se banti hai. Jaise principal, aur index ke return ka ek hissa, ek upari seema tak.

DHYAN

Naam, keemat aur payoff ka kram

Pehli: naam ya label par bharosa. Har gold product ek hi asset nahi rakhta. Professional management bhi return ki guarantee nahi hai. Naam ke peeche ka asset aur uska risk dekho.

Doosri: keemat ko cash samajhna. Plot ki keemat zaroori rakam se zyada ho sakti hai. Phir bhi woh payment ki tareekh tak shayad na bike. Ise liquidity risk kehte hain, yaani samay par cash na milne ka khatra.

Teesri: payoff ka kram todna. Pehle index ka return, phir uska tay hissa, phir upari seema, aur aakhir mein principal. Extra return aur kul payment alag rakam hain. Yeh sab tabhi milta hai jab issuer poora payment kare.

Unit 8: shares mein nivesh
Investments ki pehchaan ho gayi. Ab pehla bada asset aata hai: shares ka risk, return aur valuation.

Unit 8: shares mein nivesh.

Yeh unit shares ke 3 pehlu kholta hai: risk, return aur valuation. Diversification, yaani paisa kai companies mein baantna, kuch risk ghatata hai, sab nahi. Saath mein fundamental aur technical analysis, aur price to earnings jaise ratios aate hain. Har ratio mein dekho ki kis cheez ko kis se bhaag diya gaya.

• Kai sectors mein paisa baantne se company ka risk ghatta hai, bazaar ka nahi.
• Total return mein daam ka badhna aur mila dividend, dono aate hain.
• Kam daam wala share apne aap sasta nahi hota.
• Earnings yield kamai ko daam se bhaag deta hai, dividend yield asli dividend ko. Dono alag hain, kyunki company kamai apne paas bhi rakh sakti hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Risk, analysis aur ratios

Diversification se ek company ki gadbad ka asar ghatta hai. Par poore bazaar ka jhatka phir bhi lagta hai. Ek hi sector ki kai companies mein us sector ka risk bana rehta hai. Kabhi badi holding ke liye aaspaas ke daam par khareedne wale kam hote hain. Ise liquidity risk kehte hain. Videshi nivesh mein asset ka return aur currency ka badlaav guna hote hain, jude nahi.

Top-down analysis economy se industry, aur phir company tak jaata hai. Technical analysis daam aur volume ke pattern dekhta hai. Fundamental analysis demand, kharche aur management ke faisle dekhta hai. Isse aage ki kamai ka andaaza banta hai. PE ratio, share ke daam ko EPS se bhaag deta hai. EPS yaani ek share ki kamai. Trailing PE pichhle saal ki kamai leta hai. Forward PE agle saal ki andaaze wali kamai.

DHYAN

Ginti, ratio aur ikaiyan

Pehli: ginti ko diversification samajhna. Ek hi sector ke bahut saare shares bhi ek hi sector ka risk hain. Shares ki ginti nahi, risk ke alag kaaran gino. Diversified portfolio bhi risk se khaali nahi hota.

Doosri: ratio ka galat matlab. Kam daam ya negative PE se share sasta sabit nahi hota. Negative PE sirf ghaata dikhata hai. Kam forward PE ka matlab kamai badhne ka andaaza hai, badhi hui kamai nahi.

Teesri: ikaiyan mila dena. Kul profit ko per share daam se seedha mat milao, pehle EPS nikalo. Price to book mein kitaabi equity ko bhi per share mein laao. Enterprise value mein market cap ke saath karz jodo aur cash ghatao. Market cap ko hi enterprise value maan lena galat hai.

Unit 9: bonds aur fixed income
Shares ke baad doosra bada asset bonds hain. Wahan kamai coupon se aati hai, aur daam byaaj dar ke saath hilta hai.

Unit 9: bonds aur fixed income.

Bond ek udhaar hai. Issuer coupon yaani byaaj deta hai, aur aakhir mein face value lautata hai. Is unit mein bond ka daam, alag alag yield aur bond ke risk aate hain. Bond ka daam har aane wale payment ki present value ka jod hai.

• Coupon face value par banta hai, bond ke market price par nahi.
• Coupon rate face value par gina jaata hai, aur current yield aaj ke daam par.
• Coupon kam rate par dobara lage, toh aakhri rakam plan se kam rehti hai.
• Mehngai ke baad ka return, yaani real return, negative bhi ho sakta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Daam, yield aur risk

Zaroori yield woh rate hai jisse bond ke payments discount hote hain. Har payment apne samay ke hisaab se discount hota hai, phir sab jode jaate hain. Zero coupon bond mein beech mein koi payment nahi, sirf maturity par ek rakam. Saal mein 2 coupon hon, toh coupon aur yield ko 2 se bhaag do, aur periods ko 2 se guna karo. Coupon rate aur zaroori yield barabar hon, toh daam face value ke barabar aata hai. Yeh coupon ki tareekh par hota hai.

Yield to maturity coupon ke saath maturity tak ka gain ya loss bhi jodta hai. Corporate bond ki zaroori yield, benchmark yield aur credit spread ka jod hoti hai. Credit spread yaani benchmark ke upar ki extra yield. Spread badhe, toh yield badhti hai aur daam girta hai. Modified duration se andaaza lagta hai ki yield badalne par daam lagbhag kitna hilega.

DHYAN

Base, ikaiyan aur samay par payment

Pehli: base badal dena. Coupon face value par lagta hai, kharid ke daam par nahi. Current yield ya coupon rate ko yield to maturity maan lena galat hai. Yeh dono maturity tak ka poora return nahi batate.

Doosri: ikaiyon mein chook. Saal mein 2 coupon hon, toh coupon ke saath yield bhi aadhi karo. Yield ka percentage point badlaav, daam ka percentage badlaav nahi hai. Floating rate bond ka coupon benchmark plus spread hota hai. Spread seedha joda jaata hai, benchmark ka percentage nahi.

Teesri: samay par payment ko poora return samajhna. Har coupon samay par mile, tab bhi aakhri rakam ghat sakti hai. Wajah hai coupon ka kam rate par dobara lagna. Yeh reinvestment risk hai. Default risk tab hai jab issuer payment hi na kar paaye. Har bond loss ko byaaj dar ka risk kehna galat hai.

Unit 10: derivatives ki samajh
Ab contracts ki baari hai. Inka payoff kisi doosri cheez se banta hai. Futures, options aur swaps agle unit mein hain.

Unit 10: derivatives ki samajh.

Derivative ek contract hai jiski rakam, yaani payoff, kisi doosri cheez se tay hoti hai. Us cheez ko underlying kehte hain, jaise ek index ya share. Is unit mein forward, futures, options aur swaps aate hain. Saath mein roz ka hisaab, option ka payoff, hedging aur kuch jaani-pehchani strategies bhi.

• Forward 2 pakshon ki apni shartein par banta hai, futures exchange ki tay shartein par.
• Kharida hua futures daam badhne par kamaata hai, becha hua daam girne par.
• Option ka payoff tab tak profit nahi, jab tak premium na ghataya jaaye.
• Hedge maujood exposure ki ulti disha mein banta hai, taaki nuksaan ka kuch hissa kate.

Is unit ke sawaal kholo

IS UNIT MEIN

Contract, payoff aur strategy

Index par bana contract aapko index ki companies ka maalik nahi banata. Forward mein saamne wale ke mukarne ka risk rehta hai. Futures ka hisaab roz pichhle settlement daam se hota hai. Contract ki poori keemat, yaani notional, profit ya loss nahi hai. Interest rate swap mein ek paksh fixed byaaj deta hai, aur doosra floating. Netting mein sirf dono ka farak chukaya jaata hai.

Option mein strike woh tay daam hai jisse payoff gina jaata hai. Premium option ki keemat hai, jo kharidne wala chukata hai. Call ka payoff underlying ke strike se upar jaane par banta hai. Put ka, neeche jaane par. European option ka haq sirf expiry ke din istemaal hota hai, yaani exercise. Par use pehle becha ja sakta hai. Protective put mein shares ke saath unpar put bhi hota hai. Isme sabse bada nuksaan, kharid ke daam aur strike ka farak plus premium hai.

DHYAN

Payoff, risk ki seema aur hedge

Pehli: payoff ko profit samajhna. Underlying strike se upar ho, toh call in the money hai. Phir bhi premium ghatane ke baad ghaata ho sakta hai. Call aur put dono kharide hon, toh dono ka premium ghatao.

Doosri: risk ki seema galat maanna. Margin nuksaan ki seema nahi hai, nuksaan badhe toh aur paisa lag sakta hai. Option bechne wale ka profit premium tak seemit hai, par nuksaan aam taur par nahi.

Teesri: hedge ko akela tolna. Hedge ka nateeja us exposure ke saath dekho jise woh bachata hai. Milta-julta contract poori tarah saath nahi chalta, ise basis risk kehte hain. Ek baar forward se paisa bacha, iska matlab yeh nahi ki hamesha bachega.

Unit 11: mutual fund ki unit aur uska hisaab
Mutual fund mein securities fund managers chunte hain. Agla unit isi raaste ko poora kholta hai.

Unit 11: mutual fund ki unit aur uska hisaab.

Mutual fund mein bahut se investors ka paisa ek pool mein lagta hai. Har investor ko us pool ki units milti hain. Yeh chapter NAV se shuru hota hai, yaani ek unit ki keemat. Phir kharche, fund ka baanta paisa, aur paisa daalne-nikalne ke tareeke aate hain.

• NAV ke liye fund ke assets mein se uski liabilities, yaani bakaya, ghatti hain. Phir units se bhaag hota hai.
• Naye investor ka paisa fund ko bada karta hai, NAV ko nahi badhata.
• Kam NAV par zyada units milti hain, par zyada units ka matlab zyada munafa nahi.
• Fund paisa baante, yaani payout de, toh NAV utna hi girta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Ek unit ki keemat, aur use badalne wali cheezein

NAV ke hisaab mein liabilities ek hi baar ghatti hain. Koi kharcha darj hote hi NAV ghat jaata hai, use chukaane par dobara nahi. Redeem yaani units fund ko lauta kar paisa lena. Exit load woh charge hai jo redeem karne par katta hai. Woh sirf usi rakam par lagta hai jo shart mein likhi ho.

SIP mein har baar ek tay rakam lagti hai. Isliye kam NAV par zyada units milti hain. Isse khareed daam ka average banta hai, par bazaar ka risk rehta hai. SWP mein units redeem karke tay samay par paisa milta hai. STP mein ek fund ka paisa doosre fund mein jaata hai. Regular plan mein distributor, yaani beech ke vyakti, ka kharcha judta hai. Direct plan mein yeh kharcha nahi hota. ETF ki units exchange par trade hoti hain. Wahan ka daam NAV se alag ho sakta hai. Interval scheme mein fund se len-den sirf tay dinon mein hota hai. Yeh din baar baar aate hain.

DHYAN

3 galtiyan jo yahan baar baar hoti hain

Pehli galti: zyada units ko zyada munafa samajhna. 2 funds mein ek jitna paisa lage aur dono ek jitna percent badhein. Tab dono ka fayda ek jitna hoga, NAV chahe kuch bhi ho.

Doosri galti: payout ko extra kamai maan lena. Fund jitna paisa baahar deta hai, NAV utna hi girta hai. Units aur haath ka cash milakar daulat wahi rehti hai. SWP ke paise mein bhi aapki apni lagayi rakam shaamil ho sakti hai.

Teesri galti: debt fund ke NAV ko kabhi na girne wala maanna. Debt fund yaani bonds mein lagne wala fund. Yield yaani bonds par bazaar ka chalu byaaj rate. Yield badhe toh fund ke bonds ke daam girte hain. Koi default na ho, tab bhi NAV gir sakta hai. Default yaani udhaar lene wala paisa na lautaaye.

Unit 12: portfolio manager, faisla kiska aur fees kaise
Mutual fund mein sabka paisa ek pool mein hota hai. Agla unit dikhata hai ki har client ka alag portfolio kaise sambhala jaata hai.

Unit 12: portfolio manager, faisla kiska aur fees kaise.

Is chapter mein har client ka portfolio alag rakha jaata hai, ek pool mein nahi. Pehla bada sawaal hai ki nivesh ka faisla kaun leta hai, manager ya client. Doosra bada hissa fees ka hai. Fees ki shartein unke likhe kram mein lagti hain.

• Discretionary seva mein manager khud chunta aur trade karta hai, har baar poochhe bina.
• Non-discretionary seva mein har nivesh ka faisla client karta hai.
• Mandate, yaani client ke saath tay seemaayein, discretion par bhi lagti hain.
• Hurdle woh seema hai jiske upar hi performance fee, yaani fayde wali fee, lagti hai. Woh return ka vaada nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

3 tarah ki seva, aur fees ka hisaab

Chapter seva ko faisle ke haq se pehchanta hai. Discretionary mein manager securities chunta hai aur trade bhi karta hai. Non-discretionary mein manager sujhaata hai, par faisla client karta hai. Manager sirf manzoor faisle laagu karta hai. Sirf advice wale agreement mein sujhaav milte hain, trade karne ka haq nahi.

Fees ka hissa hisaab wala hai. Fees ka percent, uska base aur katne ka samay, yeh 3 saath padhe jaate hain. Base yaani woh rakam jis par percent lagta hai. High-water mark yaani portfolio ki ab tak ki sabse oonchi value, jis par performance fee li ja chuki hai. Performance fee sirf us mark se upar ki value par banti hai. Kai shartein hon, toh hisaab unke likhe kram mein hota hai.

DHYAN

Haq ki seema, aur fees ke jaal

Pehli galti: discretion ko poori azaadi samajhna. Manager ka haq mandate ke andar hi hai. Mandate udhaar lene se rokta ho, toh achha mauka bhi woh rok nahi hatata.

Doosri galti: trade karne wale har manager ko discretionary maan lena. Asli sawaal yeh hai ki nivesh ka faisla kaun karta hai. Client sujhaav maan le, tab bhi trade ka haq apne aap nahi milta.

Teesri galti: hurdle ko return ka vaada maan lena. Hurdle sirf fee ki seema hai. Girne ke baad wapas uthna bhi naya munafa nahi hai. Performance fee tabhi banti hai jab value high-water mark se upar jaaye.

Unit 13: AIFs ki alag duniya
Ab aise funds aate hain jinki strategies alag hoti hain. Wahan paisa nikalne ki shartein bhi alag ho sakti hain.

Unit 13: AIFs ki alag duniya.

Yeh chapter alternative investment funds, yaani AIFs, ka parichay deta hai. Isme alag strategies aati hain, jaise naye businesses mein paisa ya companies ko udhaar. Saath mein commitment ka hisaab aata hai, yaani aage paisa dene ka vaada. Aur yeh ki inka risk aur liquidity, yaani zaroorat par cash milna, kaise padhein.

• Venture capital naye businesses mein equity, yaani hissedari, leta hai.
• Private equity jame hue businesses mein control le sakta hai. Tab baad mein bech kar nikalne, yaani exit, ki yojana hoti hai.
• Commitment ek vaada hai. Paid-in woh hai jo sach mein diya ja chuka.
• Debt ka label ya collateral, yaani girvi rakhi cheez, paisa na doobne ka saboot nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Strategies, aur paise ka hisaab

Venture capital naye businesses mein lagta hai. Unka munafa shayad abhi shuru bhi na hua ho. Kuch private equity funds jame hue unlisted businesses mein control lete hain. Phir unhe sudhaar kar baad mein bechte hain. Unlisted yaani jinke shares exchange par trade nahi hote. Special-situations nivesh mein debt claim kabhi likhi rakam se sasta milta hai. Debt claim yaani udhaar wapas paane ka haq. Long position daam badhne par kamaati hai, short position daam girne par. Gross exposure dono ko jodti hai. Net exposure long mein se short ghatati hai.

Phir paise ka hisaab aata hai. Commitment woh sabse badi rakam hai jo investor dene ka vaada karta hai. Fund ise capital call ke zariye thoda thoda maangta hai. Jo diya ja chuka, woh paid-in hai. Jo abhi nahi maanga gaya, woh uncalled hai, yaani aage ki zimmedari. TVPI mile hue cash aur bachi value ko diye gaye paise se tolta hai. Yeh ek guna hai, saalana return nahi.

DHYAN

Kaagaz ki value, haath ka cash nahi

Pehli galti: value ko haath ka cash samajh lena. Fund mein aapke hisse ki value badi ho sakti hai. Par shayad woh abhi bik na sake. Paisa jaldi chahiye aur fund lambe samay tak redemption na de. Tab achhe return ka andaaza bhi kaam nahi aata.

Doosri galti: shaant dikhti value ko kam risk maan lena. Unlisted assets ki keemat kam baar, andaaze se lagti hai. Isliye unki value ki series shaant dikhti hai. Yeh kam asli risk ka saboot nahi hai.

Teesri galti: naam ya label ko suraksha maan lena. Diversification yaani risk ko sach mein alag alag jagah baantna. 3 alag managers ke funds wahi kuch developers mein lag sakte hain. Tab risk ek hi jagah hai. Debt claim sasta mila ho, tab bhi fayda tay nahi. Kam net exposure ka matlab bhi har risk khatam hona nahi.

Unit 14: risk aur return ka tol
Alag alag products dekh liye. Agla unit batata hai ki unhe milakar risk aur return kaise tolte hain.

Unit 14: risk aur return ka tol.

Yeh chapter portfolio ka risk aur return naapna sikhata hai. Expected return har mumkin nateeje ka, uske chance ke hisaab se, average hai. Risk standard deviation se naapte hain, yaani return average se kitna bikharta hai. Correlation, yaani saath mein hilna, batata hai ki milane se risk kitna ghat sakta hai.

• Expected return ek weighted average hai, guaranteed kamai nahi.
• Portfolio ka expected return assets ke hisson, yaani weights, ka seedha hisaab hai. Risk ka hisaab aisa nahi.
• Correlation poora plus ek ho, toh milane par diversification ka fayda nahi milta.
• Optimiser, yaani mix chunne wala model, utna hi sahi hai jitne uske inputs.

Is unit ke sawaal kholo

IS UNIT MEIN

Average, bikhrav aur saath mein hilna

Chapter investor ke mizaaj se shuru hota hai. Risk-averse, yaani jokhim se bachne wala investor, ek jitne return par kam bikhrav chunta hai. Risk-neutral investor sirf average rakam dekhta hai. Expected return mein har nateeja apne chance se guna hota hai. Nuksaan wale nateeje bhi isme gine jaate hain.

Phir portfolio aata hai. Uska expected return assets ke return ka weighted average hai. Risk ka hisaab alag hai. Usme har asset ka bikhrav aur har jodi ka covariance aata hai. Covariance 2 assets ke saath hilne ka maap hai. Ek jitne return par kam risk wala portfolio doosre ko peeche chhod deta hai.

DHYAN

Model ka nateeja duniya ka vaada nahi

Pehli galti: risk-averse investor ko risk se poori tarah door maan lena. Woh risk leta hai, bas ek jitne return par kam risk chunta hai. Expected return ko guaranteed kamai samajhna bhi galat hai.

Doosri galti: hisaab ke shortcut. Correlation plus ek na ho, toh 2 standard deviations ka seedha average galat jawab deta hai. Covariance wala hissa chhoot jaana, ya weights ka square na lena, bhi aam hai. Percent aur decimal ko ek hi formula mein milana bhi galti hai.

Teesri galti: model ke nateeje ko duniya ka vaada maan lena. Correlation minus ek ho, toh model mein risk shunya ho sakta hai. Par sirf ek khaas mix par. Asli assets mein yeh hamesha nahi tikta. Chhota input badalne par weight bahut badal jaaye, toh yeh chetaavni hai. Tab inputs aur seemaayein jaanchi jaati hain.

Unit 15: client se portfolio tak ka rasta
Theory samajh aa gayi. Agla unit dikhata hai ki ek asli client ke liye portfolio kaise banta hai.

Unit 15: client se portfolio tak ka rasta.

Yeh chapter ek client ke liye portfolio banane ke kadam batata hai. Shuruaat IPS se hoti hai, yaani investment policy statement. Yeh likhit dhaancha portfolio ka maqsad aur uski seemaayein batata hai. Phir allocation aata hai, yaani paise ko equity aur debt jaise hisson mein baantna.

• IPS mein lakshya, risk, liquidity, rokein, target allocation aur review ke niyam hote hain.
• Risk lene ki ichha aur nuksaan sehne ki taakat alag cheezein hain.
• Tactical allocation kuch samay ke liye tay mix se hatna hai. Rebalancing mix ko wapas target par laana hai.
• Ek jaisi umar ka matlab ek jaisa portfolio nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Pehle dhaancha, phir mix

IPS mein client ka lakshya, risk aur liquidity ki zaroorat likhi jaati hai. Saath mein rokein, target allocation aur review ke niyam bhi. Product ki list ya return ka andaaza IPS ki jagah nahi leta. Fund ka achha overall score client ki likhi rok ko nahi hatata.

Strategic allocation lambe samay ka tay mix hai. Tactical allocation mein manager kuch samay ke liye bazaar ki soch par usse hatta hai. Daam badalne se mix bina kisi trade ke bhi khisak jaata hai. Rebalancing use wapas target par laati hai. Benchmark yaani tulna ke liye chuna gaya mix. Woh mandate ke assets aur weights se mel khaaye, aur pehle se tay ho.

DHYAN

Score, purane number aur seemaayein

Pehli galti: risk score ko sab kuch maan lena. Client utaar chadhav se na ghabraaye, phir bhi paisa jaldi chahiye ho sakta hai. Tab nuksaan sehne ki taakat kam hai, chahe ichha zyada ho.

Doosri galti: purane rupaye ke number par rebalance karna. Target hamesha aaj ki kul value par nikalta hai. Bechna sirf utna hota hai jitna target se upar hai, poora fayda nahi.

Teesri galti: seema ko galat padhna. Issuer yaani security jaari karne wala, jaise koi company. Ek issuer ki seema kul seema hai, nayi kharid ki chhoot nahi. Pehle se lagi rakam ghata kar hi bachi jagah milti hai. Equity aur debt ka rebalance us seema ko apne aap theek nahi karta.

Unit 16: return naapna aur use sahi tolna
Portfolio ban gaya. Ab uska nateeja naapna aur sahi benchmark se tolna aata hai.

Unit 16: return naapna aur use sahi tolna.

Yeh chapter portfolio ka return naapna aur parakhna sikhata hai. Pehle yeh ki return kis tareeke se naapa gaya. Phir return ko risk ke saath tolne wale ratios aate hain. Aakhir mein benchmark se fark, aur us fark ki wajah dhoondhna aata hai.

• Investor ka daala hua naya paisa return nahi hai.
• Time-weighted return har avadhi ko barabar ginta hai. Money-weighted dekhta hai ki kab kitna paisa laga.
• Ek jitna percent fayda aur phir utna hi percent nuksaan, daulat ghata deta hai.
• Allocation effect weights ke fark se aata hai. Selection effect har hisse ke andar ke return ke fark se.

Is unit ke sawaal kholo

IS UNIT MEIN

Return ke tareeke, aur risk ke saath tol

Time-weighted return har avadhi ke return ko guna karke jodta hai. Money-weighted return har paise ki tareekh aur rakam ginta hai. Bada paisa nuksaan se theek pehle aaye, toh dono alag nikalte hain. Yeh fark galti nahi hai. Kai saal ke return ko saalana banane ke liye compound ka hisaab lagta hai.

Phir return ko risk ke saath tola jaata hai. Extra return yaani bina risk wale rate se upar ka return. Sharpe ratio extra return ko kul bikhrav se bhaag karta hai. Treynor ratio usi ko beta se bhaag karta hai. Beta yaani bazaar ke saath hilne ka maap. CAPM beta se zaroori return nikalta hai. Jensen's alpha asli return aur us zaroori return ka fark hai.

DHYAN

Galat jod, galat tulna

Pehli galti: percent ko seedha jodna ya bhaag dena. Ek saal ka fayda aur agle saal ka nuksaan alag rakam par lagte hain. Isliye unhe guna karke jodte hain. Kai saal ke kul return ko saalon se bhaag dena bhi galat hai.

Doosri galti: galat cheez se tulna. Portfolio mein dividend jaisi income gini gayi ho, toh benchmark bhi income samet ho. Sirf daam wale index se aaya fark manager ka hunar nahi hai. Band hue funds ko list se hata kar average nikaalna bhi tasveer behtar dikhata hai.

Teesri galti: ratio ke neeche wala hissa badal dena. Sharpe kul bikhrav leta hai, Treynor beta, aur Sortino sirf neeche ka bikhrav. Information ratio benchmark se fark ko tracking error se bhaag karta hai. Tracking error yaani us fark ka bikhrav. Average fark shunya ho, tab bhi woh shunya nahi hota.

Unit 17: khaate aur kaagaz ke rozana ke kaam
Naapna aa gaya. Ab khaate, kaagaz aur haq ke rozana ke kaam aate hain.

Unit 17: khaate aur kaagaz ke rozana ke kaam.

Yeh chapter nivesh ke rozana ke kaamon par hai. Isme KYC aata hai, yaani client ki pehchaan ki prakriya. Demat bhi aata hai, yaani shares ko electronic roop mein rakhna. Phir haq, zindagi ke badlaav aur payment ke niyam aate hain.

• Ek baar hua KYC, KRA yaani KYC Registration Agency mein darj hota hai. Doosra SEBI-registered intermediary, jaise broker, apni jaanch ke saath us par bharosa kar sakta hai.
• DDPI, yaani Demat Debit and Pledge Instruction, broker ko sirf seemit haq deta hai.
• Holder ki maut par securities ka aage jaana transmission hai. Registered nominee, yaani pehle se chuna gaya insaan, ho toh yeh aasaan hai.
• Adviser direct plan mein madad kar sakta hai, par us par commission nahi le sakta.

Is unit ke sawaal kholo

IS UNIT MEIN

Khaata, kaagaz aur badlaav

Kaagzi share certificate ko demat karne ki request DP ke paas jaati hai. DP yaani depository participant. DP request company ke registrar, yaani records sambhalne wale, ko bhejta hai. Registrar ki haan ke baad depository khaate mein shares daalti hai. Depository electronic shares ka record rakhti hai. Remat iska ulta hai, electronic se wapas kaagaz. Naam ya pata badle, toh KYC update hota hai, aur jude records badal jaate hain.

Registered nominee ko mukhya roop se claim, death certificate aur apna KYC dena hota hai. Folio yaani mutual fund ka khaata. Bachcha 18 ka ho, toh folio uske apne KYC aur bank par jaata hai. Tab tak naye len-den rukte hain. Client videsh mein bas kar NRI ban jaaye, toh use intermediaries ko batana hota hai. Uske khaate FEMA ke tahat NRI status mein badalte hain. FEMA videshi mudra ka kanoon hai.

DHYAN

Sahi darwaza, sahi haq

Pehli galti: galat darwaza khatkhatana. Kaagzi share ko demat karna DP aur registrar ka kaam hai. Exchange ya SEBI ka nahi. Har naye intermediary ke saath poora KYC dobara zaroori nahi. Naam badle aur PAN wahi rahe, tab bhi KYC update zaroori hai.

Doosri galti: haq ko bada samajh lena. Transaction feed yaani registrar ya exchange platform se aaya len-den ka data. Woh sirf records taaza rakhta hai, trade karne ka haq nahi deta. Lien yaani girvi units par lender ka daava. Woh redeem aur transfer ke saath switch bhi rokta hai. Units ka malik phir bhi investor hi rehta hai.

Teesri galti: niyam ko adhoora yaad rakhna. Demat khaate mein ab 3 tak nominee ho sakte hain, purani ginti galat hai. Third-party payment yaani kisi aur ke khaate se aaya paisa. Mutual fund ise aam taur par nahi lete. Kuch tay case hi chalte hain, jaise employer ka tankhwah se kaat kar paisa bharna. NEFT batches mein chalta hai, jabki RTGS har payment alag aur turant settle karta hai.

Unit 18: adviser ke kaam ke mukhya kanoon
Yeh saare kaam kanoon ke andar chalte hain. Agla unit batata hai ki kaunsa kanoon kya kehta hai.

Unit 18: adviser ke kaam ke mukhya kanoon.

Yeh chapter un kanoonon ka hai jo adviser ke kaam ko gherte hain. Har kanoon ka apna alag kaam hai. Sabse zyada SEBI ke IA Regulations aate hain, yaani investment adviser ke niyam. Saath mein andar ki jaankari par trade, dhokhadhadi aur tax jaankari se jude kanoon bhi.

• SEBI ka kaam investors ki raksha, aur securities market ka vikas aur regulation hai.
• Kisi aur kaam ke saath di gayi advice ko chhoot mil sakti hai. Advice hi kamai ka kaam ho, toh nahi.
• Adviser nivesh mein madad kare, toh kisi bhi level par commission nahi le sakta. Client bhejne ke badle mila paisa, yaani referral fee, bhi nahi.
• Records kam se kam 5 saal rakhne hote hain, client ke jaane ke baad bhi.

Is unit ke sawaal kholo

IS UNIT MEIN

Kaunsa kanoon, kis kaam ke liye

SEBI Act SEBI ka maqsad tay karta hai. SCRA yaani Securities Contracts (Regulation) Act. SCRA mein stock exchanges ki manzoori, yaani recognition, ke niyam hain. Woh securities ke contracts ko bhi regulate karta hai. UPSI yaani company ki woh jaankari jo abhi public nahi, aur daam hila sakti hai. Uspar trade karne aur use aage batane par rok hai. Money laundering yaani galat kamai ko saaf dikhana. PMLA iske khilaaf kanoon hai. Woh client ki jaanch aur records bhi maangta hai.

IA Regulations adviser ke rozana ke niyam hain. Risk profile client ke risk ka likha aakalan hai. Iske liye umar, lakshya, samay, income, assets aur karz chahiye. Saath mein risk appetite, yaani risk lene ki ichha, aur nuksaan sehne ki taakat bhi. Har saal niyamon ki jaanch hoti hai, jise compliance audit kehte hain. Yeh bahar ka CA, CS ya cost accountant karta hai. Individual adviser ke clients ya fees ek tay seema paar karein. Tab use non-individual, yaani sanstha wala, registration lena hota hai. Individual adviser ke parivaar wale uske apne clients ko products distribute nahi kar sakte.

DHYAN

Milte julte naam, alag kaam

Pehli galti: ek kanoon ka kaam doosre ke naam kar dena. Byaaj dar aur rupaye ki exchange rate RBI dekhta hai, SEBI nahi. Shak wale transaction ki report bank ko nahi, FIU-IND ko jaati hai. FIU-IND yaani Financial Intelligence Unit India. FATCA aur CRS ka form doosre desh ki tax residency pehchaanta hai, risk profile nahi. Paisa kam hone se lauta cheque Negotiable Instruments Act mein, sharton ke saath, jurm hai. Woh consumer forum ka service mamla nahi.

Doosri galti: batane ko har galti ka ilaaj maan lena. Parivaar ka distribution link batakar bhi theek nahi hota. Referral fee parivaar ko jaaye, tab bhi rok lagti hai. Front-running yaani apni salah se pehle khud kharidna. Phir clients ki kharid se daam badhe, toh bechna. Yeh PFUTP, yaani dhokhe aur galat vyapar ke khilaaf niyam, todta hai.

Teesri galti: niyam ko adhoora padhna. Andar ka compliance review saalana audit ki jagah nahi leta. Jaankari public ho jaaye, toh woh UPSI nahi rehti. Minor yaani 18 se kam umar wala. Indian Contract Act ke tahat minor contract nahi kar sakta. Isliye guardian uski jagah kaam karta hai. Par minor ke naam nivesh rakhna mana nahi hai.

Unit 19: ethics, kanoon se ek kadam aage
Kanoon sabse kam zaroori baat batata hai. Agla unit uske upar ki baat karta hai, yaani client ke liye sahi kya hai.

Unit 19: ethics, kanoon se ek kadam aage.

Yeh chapter adviser ke bartaav par hai. Fiduciary hone ka matlab hai client ka hit apne hit se pehle rakhna. Conflict bhi yahin aata hai, yaani aisa rishta ya fayda jo salah ko jhuka sake. Niyam sabse kam zaroori baat batate hain, aur ethics uske upar ka sahi faisla hai.

• Fiduciary ka matlab client pehle hai, return ki guarantee nahi.
• Conflict ko batana aur sambhalna, dono zaroori hain.
• Product dene wali company ka mehnga tohfa bhi conflict hai. Use mana karna hota hai.
• SEBI registration ka matlab SEBI ka approval nahi hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Client pehle, har haalat mein

Fiduciary adviser imaandari aur dhyan se, client ke hit mein kaam karta hai. Client ki jaankari gupt rehti hai, jab tak client na maane ya kanoon na maange. Fees fair aur theek honi chahiye. Kam jaankaar client se usi seva ke zyada paise lena galat hai.

Kuch haalat mushkil hoti hain. Client salah ke khilaaf jaaye, toh adviser risk samjhaata hai. Phir salah aur client ka apna faisla, dono likhta hai. Client ke faisle ko woh apni salah nahi batata. Bina zaroorat baar baar fund switch karwana client ki nahi, activity ki seva hai. Rishtedaar dabaav daale, toh adviser seedhe client se baat karta hai. America mein advisers par Investment Advisers Act lagta hai, jisme fiduciary duty hai. Australia mein best interests duty client ko pehle rakhti hai.

DHYAN

Legal hona kaafi nahi

Pehli galti: ethics ko sirf kanoon maan lena. Har legal switch client ke hit mein nahi hota. Niyam sabse kam zaroori baat hain, ethics uske upar ka faisla.

Doosri galti: tohfe aur rishton ko halke mein lena. Mehnga holiday bhi conflict hai, chahe woh cash na ho. Parivaar ka link private baat nahi, use batana hota hai.

Teesri galti: registration ko guarantee samajhna. Koi adviser return ki guarantee nahi de sakta. Investor registration SEBI ki website par jaanche, followers dekh kar nahi. SEBI ki seekh hai ki fees sirf bank ke raaste dein. Password kabhi share na karein.

Unit 20: shikayat ka rasta, kadam dar kadam
Achhe bartaav ke baad bhi shikayat ho sakti hai. Aakhri chapter batata hai ki shikayat kahan shuru hoti hai, aur kahan tak jaati hai.

Unit 20: shikayat ka rasta, kadam dar kadam.

Yeh aakhri chapter shikayat ke raaston par hai. Adviser ke khilaaf shikayat pehle adviser ke paas jaati hai. SEBI ka online system SCORES bhi hai, jahan shikayat darj aur track hoti hai. Bank, insurance aur NPS, yaani pension ki ek yojana, ke apne alag raaste hain.

• Adviser ko shikayat ek tay samay ke andar suljhaani hoti hai.
• SCORES par 2 review hain. Pehle designated body, yaani is kaam ke liye tay sanstha, phir SEBI.
• Product ki shikayat us product ke regulator ke raaste jaati hai. Adviser ne sujhaaya ho, tab bhi.
• SEBI ke order ki appeal SAT, yaani Securities Appellate Tribunal, mein jaati hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Har shikayat ki apni seedhi

Adviser ke khilaaf shikayat adviser se shuru hoti hai. Achhe system mein har shikayat darj hoti hai aur use reference milta hai. Phir band hone tak use track kiya jaata hai. SCORES par SEBI ke daayre wali entities ke khilaaf shikayat darj hoti hai. Paise ka jhagda bacha rahe, toh online conciliation hota hai, yaani baat-cheet se samjhauta. Zaroorat pade toh arbitration, yaani ek teesre paksh ka faisla.

Doosre sectors ke apne raaste hain. Ombudsman yaani shikayat sunne ke liye rakha gaya adhikari. Bank mana kare ya samay par jawab na de, toh RBI Ombudsman hai. Insurer ke liye Insurance Ombudsman hai. NPS ki shikayat intermediary se NPS Trust, phir PFRDA ke Ombudsman tak jaati hai. PFRDA yaani pension ka regulator. Consumer commission 3 hain, District, State aur National. Kaunsi commission sunegi, yeh saamaan ya seva ke liye chukaayi gayi keemat se tay hota hai. Maange gaye muavze se nahi.

DHYAN

Galat darwaza, purana number

Pehli galti: shikayat galat jagah le jaana. Insurance claim ki shikayat insurance ke raaste jaati hai. Policy adviser ne sujhaayi ho, tab bhi woh SEBI ke paas nahi jaati. Insurance ya NPS ki baat banking ombudsman ke paas bhi nahi jaati.

Doosri galti: purane number yaad rakhna. Ombudsman jo muavza dila sakta hai, uski seemaayein badhi hain. Consumer commissions ki seemaayein bhi badli hain. Purani kitaab ka number yahan galat jawab deta hai.

Teesri galti: raaste ko chhota samajhna. Entity ka pehla jawab aakhri nahi, SCORES par 2 review hain. Bank ka mana karna bhi aakhri nahi, aage RBI Ombudsman hai. Kai raaston ki apni samay seema bhi hai. SAT aur Supreme Court ki appeal ke din alag hain. Unhe ulat dena aam galti hai.

Poore X-A paper ki practice
Saare chapters ho gaye. Ab poora paper batata hai ki sawaal mil kar aane par kahan atakte hain. Case wale sawaal bhi wahin milte hain.